Market Research Objective2

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Decide what type of market research is right for your project.

Decide what type of market research is right for your project.

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  • 1. Understand Market Research d i r e c t i o n
  • 2. Market Research Defined
    • Provides relevant, accurate and timely information which generates evidence about customer behavior.
      • Relevant – what information do we need to make a decision?
      • Accurate – measures drivers, influencers,-- correct respondents.
      • Timely -- point in time predicts or supports past and future events.
      • Information – collect data which addresses issues.
    Market research is the systematic approach to segmenting customers by needs, values, characteristics, demographics and/or product use. The principal barrier to building customer satisfaction and value is an inability to recognize that different customer segments have different needs and priorities therefore, must be serviced differently.
  • 3. Types of Market Research
    • Primary Research -
      • Requires the gathering of specific reactions to your product or service. It is information collected for a specific purpose/project. It is used for measurement purposes.
    • Secondary Research -
      • Involves a close look at industry trends and information about what your market is doing. Refers to data that has been previously gathered for a purpose other than your project. It is like doing research in the library for a term-paper.
    • Quantitative Research -
      • Deals with numbers -- statistics and answers questions about now many, how much or how often.
    • Qualitative Research -
      • Deals primarily with the feelings and attitudes that drive behaviors.
  • 4. Market Research Qualitative/Quantitative? % Great % Great % Great  Good  Poor  Good  Good Public Opinion  OK  Poor  Good % Great % Great % Great % Great Behavior  Good  Poor % Great  Good  OK  Good  Good Pricing  OK  OK  Poor  OK  Good % Great % Great Packaging  OK  Poor  OK  OK  OK % Great % Great Media  Good  Good  Good  Good  Good % Great  Good Customer Retention  Good  OK % Great  Good  Poor  Good  Poor Customer Loyalty % Great % Great % Great  Poor  Poor % Great  Poor Customer Satisfaction % Great % Great % Great  Good  Poor  Poor  Poor Demographics  OK  OK  Poor  OK  Poor  Good % Great Copy Testing % Great % Great % Great % Great  Poor  OK  Poor Advertising Effectiveness % Great % Great % Great  OK  Good  OK  Good Brand Awareness  Good  Poor  Poor % Great  Good % Great % Great Features & Benefits   % Great  Good   OK   Poor  Good  Poor  Poor % Great % Great % Great % Great New Product Concept Key On-line Mail Phone On-line Panels In-depth Interview On-site Focus Group Market Research Project Quantitative Survey — Census Qualitative  
  • 5. Market Research Process A systematic progression beginning with questions, curiosity, or speculation * combining cognitive thought and objective analysis, facilitated ^ by activities which, conclude with reasoning ** and understanding.      ^ to make easier or less difficult, help forward   *Reasoning based on inconclusive evidence; conjecture or supposition   **the mental power concerned with conclusions, judgments or inferences.        © Market Directions– All Rights Reserved Who will Buy? How much will they buy? How much should we charge? Where should we sell? How will the product be used? How do customers perceive value? How do we reach customers? What are the market threats? What are the market opportunities? Speculate Inquire Observe Understand Interpret Analyze Measure Examine Probe Explore Debate Investigate Reason
  • 6. Benefits of Market Research
    • Discovers what your customers want and value
    • Discovers loyalty drivers
    • Discovers competitive position
    • Basis for marketing plans
    • Gathers evidence in support of actions
    • Keeps marketing plans on track
    • Did we meet our goals?
    • Were our goals reasonable in relation to market?
    • Do we need to change direction as environment changes?
    • Applies universal findings to sample markets and segments
    • Enables you to benchmark
    • Strengths, Weakness, Opportunities, Threats--- relative to competition
    • Avoids cost of bad marketing campaign
    • Saves costs by targeting right message to right audience
    • Improves effectiveness of marketing campaigns
    • Is a learning and educational tool.
    After hiring an experienced, qualified market research firm you should be able to understand your customers better, identify market opportunities, make informed marketing decisions, formulate business planning and use the data to justify more creative and bolder business decisions . Market Directions identifies 16 benefits from implementing market research within an organization? © Market Directions– All Rights Reserved
  • 7. Research Activities
    • Business/Economic & Corporate Research
      • Industry/market characteristics
      • Market share analysis
    • Product
      • Concept development and testing
      • Brand name generation and testing
      • Test market
      • Packaging design
      • Competitive product studies
    • Pricing
      • Cost analysis
      • Profit analysis
      • Price elasticity
      • Demand analysis
      • Competitive pricing analysis
    • Distribution
      • Plant/Warehouse
      • Channel performance
      • Channel coverage
      • Export and international
  • 8. Research Activities
    • Promotion
      • Motivation
      • Media
      • Copy
      • Advertising effectiveness/testing
      • Public image
      • Studies of premiums, coupons, deals, etc.
    • Buying Behavior
      • Brand preference
      • Brand attitudes
      • Product satisfaction
      • Purchase behavior
      • Brand awareness
    • People
      • Customer Service
      • Employee Satisfaction
      • Training
      • Technology
      • Skill Level
      • “ Buy In”
  • 9. Deciding What’s Right For You
    • Consider
      • Budget
      • Time-frame
      • Skill set
      • What you already know
      • Interview internal front-line representatives
      • Objectivity- Research Hypothesis
        • No preconceived ideas
        • Do not go out to ‘prove’ you are right
        • Open to new information and new insight
        • Ready to implement change
          • ask how will we react if we discover……..?